Commonwealth Bank Fees And Charges

THE EASTERN EUROPEAN TRUST PLC – Half-yearly Report.

                         The Eastern European Trust PLC
                   Half Yearly Financial Report 31 July 2012 

The Eastern European Trust PLC

The Company’s objective is to achieve long term capital growth
by investing in companies that do business primarily in
Eastern Europe

The countries of eastern Europe, especially those that were allied with the USSR in the Warsaw Pact, which was established in 1955 and dissolved in 1991.
,

Russia
 officially the  Rus. Rossiya, republic (2005 est. pop. 143,420,000), 6,591,100 sq mi (17,070,949 sq km).
, other
Commonwealth of Independent States
 (CIS), community of independent nations established by a treaty signed at Minsk, Belarus, on Dec. 8, 1991, by the heads of state of Russia, Belarus, and Ukraine. Between Dec. 8 and Dec.
 countries and
Turkey.

 Performance Record
 Financial Highlights
                                              31 July     31 January
Change
Attributable to ordinary shareholders            2012           2012
% Assets Net assets(1) (USD'000)                       181,926
205,520   -11.5 Net asset value per ordinary share            425.73c
445.03c    -4.3 

Net asset value per ordinary share(2) 271.72p 282.02p -3.7

MSCI 10-40 Emerging
Europe
 , 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000).
 Index (
USD

) 500.05 518.92 -3.6

Ordinary share price (mid-market)(2) 376.03c 403.57c -6.8

 Ordinary share price (mid-market)             240.00p
255.75p    -6.2 

2011 Subscription share price (mid-market)(2) – 1.18c – 2011
Subscription share price (mid-market) – 0.75p –

2012 Subscription share price (mid-market)(2)  10.18c
-       - 2012 Subscription share price (mid-market)      6.50p
-       - Discount to net asset value                     11.7%
9.3%       - Gross market exposure(3)                       109.6%
111.2%      

1. The change in
net assets

See owners’ equity.
 is
attributable

 to market movements and
the implementation of the tender offer in the period.

2. Based on an exchange rate of 1.5668 (31
January
 see month.
 2012:1.5780; 31

July
 see month.
 2011:1.6415).

3. Long positions plus short positions as a percentage of net
assets.

                                      For the six    For the six
                                          months         months
                                           ended          ended
Change
                                         31 July        31 July
%
                                            2012           2011
Revenue
Net revenue after taxation (USD'000)       3,765         1,618
+132.7 Revenue return per ordinary share (cents)   8.19          3.37
+143.0 Total return per ordinary share (cents)   (20.23)        (3.68)
Chairman's Statement
Performance
Emerging European equity markets remained volatile in the first six
months of the year and although markets have improved recently,
sentiment in the region remains fragile. The year started well, but the
renewed optimism was undermined by fresh concerns about the stability of
the Eurozone, principally caused by fears over the government's
solvency in Greece, the Presidential election in France and
deterioration in Spain's banking sector. These factors tempered the
risk appetite for equity investments generally. 

Markets rallied in June, buoyed by the positive outcome of a second

Greek

 election and a more
purposeful
  
adj.
1. Having a purpose; intentional:

2. Having or manifesting purpose; determined:
 approach from the European Central
Bank.

Against this challenging background, in the six months to 31 July
2012 the Company's undiluted net asset value ("NAV") fell
by 4.3% and the share price decreased by 6.8%. By comparison, the MSCI
10-40 Emerging Europe Index ended the period down by 3.6%. Under
BlackRock's management since 1 May 2009, the Company's
undiluted NAV has increased by 71.6% outperforming the benchmark index
by just over 5%. All figures are on a US Dollar total return basis. 

The underperformance in the period was due principally to stock
selection in Russia in the energy and
consumer staples

 sectors. Further
details of the factors which have contributed to performance are set out
in the Investment Manager’s Report.

Since the period end the Company’s
NAV

 has increased by 10.2%
compared with an increase in the
benchmark

 of 10.0%.

 Improved dividends from Russian equities have contributed significantly
toward the 143.0% increase in revenue return per share over the
corresponding period in 2011. This was due to increasing pay-out ratios
at some significant private companies and the Russian Government working
to develop a new policy of dividend payment for state-controlled
enterprises. 

Tender offer and discount control mechanism

At the General Meeting held on 20 June 2012, shareholders approved
a tender offer whereby up to 7.5% of the Company's ordinary shares
in issue on 20 June 2012 were repurchased by the Company at 260.4457p
per share (closing NAV on 20 July 2012 less the direct costs of the
tender offer and a further deduction of 1%).
 The tender offer was oversubscribed with 52.8% of the ordinary shares
in issue (excluding treasury shares) being tendered. Following scaling
back, 3,464,053 ordinary shares were repurchased and held in treasury.
Shareholders who tendered had their basic entitlement (7.5% of their
shares) satisfied in full and their election for further shares was
scaled back with each shareholder receiving 3.93% of their election. 

4,364,053 ordinary shares previously held in treasury were

cancelled
  
v. can·celed also can·celled, can·cel·ing also can·cel·ling, can·cels also can·cels

v.tr.
1. To cross out with lines or other markings. See Synonyms at erase.

2.
. There are now 42,732,819 ordinary shares in issue excluding
6,000,000 shares held in treasury.

At the General Meeting the Company was also given authority for a
further tender offer, which may or may not be implemented in January
2013, at the Board’s discretion. A further announcement will be
made in this regard in due course.

2011 Bonus issue of subscription shares

 During the period the Company issued a total of 16,159 ordinary shares,
following the conversion of 2011 subscription shares into ordinary
shares, for a total consideration of [pounds sterling]58,000
(US$90,000). The subscription share rights in respect of the remaining
10,023,846 subscription shares lapsed on 16 July 2012. 

2012 Bonus issue of subscription shares

At the General Meeting held on 20 June 2012, shareholders approved
the proposal to make a third bonus issue of subscription shares.

 A total of 8,546,454 subscription shares were allotted to ordinary
shareholders on the Company's register on 26 July 2012 by way of a
bonus issue on the basis of 1 subscription share for every 5 ordinary
shares held at that date. 

Each subscription share confers the right, but not the obligation,
to
subscribe

 for one ordinary share at a price of 273p per share on
either of 1
October
 see month.
 2012, 2 January 2013, 1 April 2013 or 1 July 2013
(or if such date is not a business day, on the next following business
day).

The detailed terms and conditions of the subscription share offer
are set out in the
prospectus

 dated 24 May 2012.

The first opportunity for subscription shareholders to subscribe
for all or any of the ordinary shares to which the 2012 subscription
shares relate will be 1 October 2012. 

If you are in any doubt about the action you should take, you are
recommended to seek your own personal financial advice from your
independent financial adviser,
stockbroker

,
solicitor
 in English law, person duly admitted to practice before the supreme court of judicature. He is the agent of the person whose suit he handles, and is distinguished from a barrister, who argues cases before the judge (see attorney).
,
accountant

, bank
manager or from an appropriately qualified independent adviser
authorised pursuant to the
Financial Services

 and Markets Act 2000.

Outlook

The environment for global equity markets remains challenging and
the continuing
fragility
 /fra·gil·i·ty/ () susceptibility, or lack of resistance, to influences capable of causing disruption of continuity or integrity.


fragility of blood  erythrocyte f.
 of the
Eurozone

Noun

same as Euroland

 n → ,

 n →  
 has inevitably tempered

appetite

n.
An instinctive physical desire, as for food or sex.


The natural instinctive desire for food.
 for emerging European equities. Investors taking a long term
approach might reasonably conclude that these concerns present an
opportunity. Leading companies within emerging Europe, particularly in
Russia, are attractively valued both in
absolute terms

 and relative to
their own history.

Neil
England
 the largest and most populous portion of the United Kingdom of Great Britain and Northern Ireland (1991 pop. 46,382,050), 50,334 sq mi (130,365 sq km). It is bounded by Wales and the Irish Sea on the west and Scotland on the north.
 

21
September
 see month.
 2012

Interim Management Report and Responsibility Statement

 The Chairman's statement and the Investment Manager's Report
give details of important events which have occurred during the period
and their impact on the financial statements. 

Principal risks and uncertainties

 The principal risks faced by the Company can be divided into various
areas as follows:
- Performance; - Regulatory; - Operational; - Market; - Financial; and -
Stability of the Eurozone.
The Board reported on the principal risks and uncertainties faced by the
Company in the Annual Report and Financial Statements for the year ended
31 January 2012. A detailed explanation can be found in the
Directors' Report on page 16 and in note 20 on pages 46 to 50 of
the Annual Report and Financial Statements which are available on the
website maintained by the Investment Manager, BlackRock Investment
Management (UK) Limited, at www.blackrock.co.uk/ est. In the view of the
Board, there have not been any changes to the fundamental nature of
these risks since the previous report and these principal risks and
uncertainties are equally applicable to the remaining six months of the
financial year as they were to the six months under review.
In the view of the Board an additional uncertainty to those outlined in
the Annual Report and Financial Statement now exists: although none of
the Company's investments are companies listed, or located within
the Eurozone, as at the date of this document, it is unclear to what
extent the economies and political structure of the Eurozone member
countries may be affected by the financial crisis within the Eurozone or
that the Euro as a currency in its current form will continue. The
Eurozone debt crisis remains a concern and may have an impact on all
markets if the situation deteriorates in a disorderly way. 

Related party transactions

The Investment Manager is regarded as a related party and details of
the management and performance fees payable are set out in note 3. The
related party transactions with the Directors are set out in note 9.

Going concern

 The Directors are satisfied that the Company has adequate resources to
continue in operational existence for the foreseeable future and is
financially sound. For this reason, they continue to adopt the going
concern basis in preparing the half yearly financial statements. The
Company has a portfolio of investments which are considered to be
readily realisable and is able to meet all of its liabilities from its
assets. The ongoing expenses are approximately 1.3% of net assets
(excluding taxation). 

Directors’ responsibility statement

The Disclosure and
Transparency

 Rules (”
DTR

“) of the UK
Listing Authority require the Directors to confirm their
responsibilities in relation to the preparation and publication of the
Interim Management Report and Financial Statements.

The Directors confirm to the best of their knowledge that:

 - the condensed set of financial statements contained within the half
yearly financial report has been prepared in accordance with United
Kingdom Generally Accepted Accounting Practice; and 

– the Interim Management Report together with the Chairman’s
Statement and Investment Manager’s Report, include a fair review of
the information required by 4.2.7R and 4.2.8R of the FSA’s
Disclosure and Transparency Rules.

The half yearly financial report has not been audited or reviewed by
the Company’s
Auditor
 n. an accountant who conducts an audit to verify the accuracy of the financial records and accounting practices of a business or government. A proper audit will point out deficiencies in accounting and other financial operations.
.

The half yearly financial report was approved by the Board on 21
September 2012 and the above responsibility statement was signed on its
behalf by the Chairman.

Neil England

For and on behalf of the Board

 21 September 2012
 Investment Manager's Report
Performance statistics
                              3 months  6 months     1 Year     3 Years
1 May 2009*
                                    to        to         to          to
to
                               31 July   31 July    31 July     31 July
31 July
                                  2012      2012       2012        2012
2012
                                    %         %          %           %
%
NAV                               -7.3      -4.3      -22.7        29.8
71.4 Share Price                      -10.2      -6.8      -23.6
31.7          70.3 Benchmark                         -5.0      -3.6
-21.6        26.0          66.6 Morningstar Emerging Europe       -7.6
-5.7      -25.6        11.3          44.7 Peer Group Average** 

*Date that
BlackRock

 was
appointed
  
tr.v. ap·point·ed, ap·point·ing, ap·points
1. To select or designate to fill an office or a position:

2.
 as Investment Manager

**Source: Morningstar

Performance is on a US$ total return basis

In the six months ended 31 July 2012, global markets vacillated
between the fears of the Eurozone crisis and a global economic slowdown,
and the hope that policy makers will be able to deploy the correct tools
to
allay
  
tr.v. al·layed, al·lay·ing, al·lays
1. To reduce the intensity of; relieve:  See Synonyms at relieve.

2.
 investor fears.

The Eurozone debt crisis was a recurrent concern of the past year
and that had an indirect but substantial impact at times upon emerging
European countries, even though most countries, such as the Czech
Republic, Russia, Turkey and Poland, have comparatively low levels of
sovereign debt. Even Hungary, which was perceived to be in a more
vulnerable position, has sovereign debt levels that are closer to
Germany than the more troubled Eurozone states.
 Turkey was the strongest performer over the period. The Turkish economy
performed well during the financial crisis but throughout 2011 suffered
from a persistently high current account deficit which had a negative
impact on the Turkish lira, inflation and the bond market. However, the
deficit started to close as import substitution took effect, and the
improved balance in the economy is positive for further sustainable
economic growth and supportive of equity valuations.
At the beginning of the period, Russian equities performed broadly in
line with the index against the backdrop of the Presidential election,
which were held at the beginning of March. Pre-election opinion polls
reflected the view that strong expressions of support for Vladimir Putin
would translate into a decisive victory in the first round of voting.
The strength of the Russian market suggested that investors were
confident that political risk would be alleviated and that a strong
mandate from the electorate in an environment of high oil prices would
be positive for Russia.
President Putin was duly elected with 64% of the vote. There were
reports of irregularities and anti-Putin protests in Moscow, where his
support remains much lower than in the regions, which grabbed the
headlines. However, despite doubts surrounding the electoral process,
President Putin is the most popular politician in Russia and the popular
legitimacy of his position is not in doubt.
As part of a new economic policy program, Russian ministers announced
proposals to increase the dividends paid by state-controlled companies.
Whilst the policy is still being developed, practical progress has
already been made; Gazprom, for example, has doubled its dividend
year-on-year. Private companies such as LUKoil have followed the
example, increasing its dividend payout by 25% this year. For the first
time Russia has a dividend yield similar to that of global emerging
markets and further progress is possible.
One of the weaker markets was Hungary where despite the announcement of
a change in policy to seek support from the IMF and EU in alleviating
budgetary pressures, formal talks are yet to begin. Investors became
concerned that Prime Minister Orban's particular brand of
brinksmanship has reduced the likelihood of an agreement being made. A
270-page convergence document - entitled "Next Step: Szell Kalman
Plan 2.0" was submitted to the EU with Hungary's Ministry of
Economy stating that on the plan's implementation, "Hungary
complies with the proposals of the Council of Europe and for the first
time in eight years the excessive deficit procedure against the country
can be resolved." However further progress has been slow. 

Portfolio commentary

In April, the Company moved to an overweight position in Russian
equities. The Company had a significant underweight position in Russia
heading into the country's presidential elections in the belief
that Vladimir Putin's return to the Presidency would not be as
smooth as many had predicted. As news of protests in the metropolitan
areas of Moscow began to dominate the headlines, we felt that valuations
had fallen sufficiently and that political risk had been priced into the
market.
 The Company added to the holdings in the Russian energy and materials
sectors; such as our positions in Russian oil companies including
Transneft. Transneft is potentially a beneficiary of government policy
of requiring companies to pay at least 25% of profits to shareholders by
way of dividends. This was funded through the sale of holdings in more
defensive markets such as Poland and the Czech Republic. Although we
remain positive on the long term prospects for both countries, large
exposures to the higher quality, lower beta stocks is inconsistent with
the team's bullish view.
The Company also increased the position in the private gas producer,
Novatek. The June announcement of increased taxes on independent
producers to converge with Gazprom's rate by 2015 was initially
taken very negatively. Since the announcement, in an example of how
initially concerning tax proposals can be watered-down after full
government consideration, Deputy Prime Minister Arkady Dvorkovich hinted
at the easing of planned increases in the natural gas extraction tax for
independent producers such as Novatek. Since the end of the period, the
Company has moved to a neutral weighting in the stock.
We have long highlighted both the danger of investment themes and
stories as well as the problem of relying on GDP growth to predict
market returns. The current situation in Poland is a case in point.
While we are positive on the long term outlook for Poland, in the near
term we are far more cautious. The Polish 'theme' most
recently centered around the boost from co-hosting the 2012 UEFA
European Championship through increased infrastructure spending.
However, many investors have been disappointed with the returns. Bad
loans relating to the construction industry are yet to be recognised in
full, so provisions will likely rise, and that will significantly impact
profitability in the financial sector.
The Company has increased exposure to Turkish banks over the period. We
were concerned by the worsening trade deficit and resultant pressure on
the lira. However, funding pressures for Turkey's banks began to
ease markedly as foreign capital flows into lira increased. Combined
with an improving balance of payments, this led to an easing of pressure
on the lira, allowing the central bank to supply more liquidity and
allowing rates to fall which will have a positive impact on near term
profitability. 

The Company added to the positions in Turkey through financial,
Halk

 Bank. Moody’s upgrade to Turkey’s credit rating in June 2012
helped broader
market sentiment

 and the financial sector was buoyed by
new rules in respect of
capital adequacy ratio

 calculations.

Outlook

Emerging European equity valuations have rarely been as cheap,
relative to the region's own history, with some highly profitable
companies trading as low as 3x earnings. In contrast, perceived
'safe havens' such as German Bunds have seldom been more
expensive and Swiss bond yields are now at negative levels up to five
years on the yield curve. For emerging European equities, this can
suggest significant long term investment potential, particularly when
coupled with a number of improving trends in the investment dynamics of
the region. Russia is in the bottom decile of its historical valuation
range on an earnings multiple basis, and also trades at near-record lows
relative to other emerging markets.
 The Russian market has recently underperformed global emerging markets
as a whole despite firmly elevated oil price levels and GDP growth rates
of over 4% per annum. Given the cheap level of equity valuations and the
healthy economic position, the potential for the market to outperform is
strong if the global economy is not derailed further.
Companies are also returning capital to shareholders through stock
buybacks. In the reporting period alone, ongoing or announced buyback
programmes across Russia and the CIS have exceeded US$10 billion, with
Dragon Oil, KazMunaiGas Exploration Production, LUKoil, Novatek, OAO
Rosneft, Severstal, AFK Sistema and Uralkali all demonstrating further
commitment to improved corporate governance practices.
In June the investment management team attended the St Petersburg
Economic Forum where speakers included President Vladimir Putin.
President Putin's headline speech reiterated a number of themes
around economic development that he has explored in the past, but the
attractiveness of Russia as an investment destination has clearly moved
up the political priority list and specific mention was made of an
objective to leapfrog into the top 20 of the World Bank's
'Doing Business' rankings.
Emerging Europe will remain sensitive to the health of the global
economy. In particular the global appetite for commodities will be
important for Russia and the market sentiment towards financial risk
will naturally continue to be an important factor for all emerging
markets. Unusually low valuations tilt the risk/reward balance in favour
of investors and the outlook for economic fundamentals is improving,
such as inflation and unemployment in Russia reaching modern lows and
the narrowing of the current account deficit in Turkey. As a result, the
prospects for emerging European markets are positive. 

Sam

 
Vecht

 

 BlackRock Investment Management (UK) Limited 21 Sepember 2012
Portfolio Analysis 31 July 2012
                                                                                                             MSCI
                                                                                Net       % of     % of     10-40
                                                                            current        net      net  Emerging
                   Czech                                            

(liabilities)/ assets assets Europe

                 Republic Russia Poland Hungary Kazakhstan Turkey Other
assets    31.07.12 31.01.12  31.07.12
Consumer               -      -      -      -          -       -     -
-            -      0.5       1.2 Discretionary Consumer Staples       -
0.1      -      -          -     1.6     -          -          1.7
2.0       6.2 Energy                 -   30.6    3.7    0.5        2.6
-   2.3          -         39.7     39.9      34.4 Financials
1.3   11.8    2.4    1.9          -    11.0     -          -
28.4     27.6      29.0 Health Care            -    0.7      -    2.7
-       -     -          -          3.4      1.9       0.8 Industrials
-    2.4      -      -          -    (1.2)    -          -          1.2
1.3       1.8 Information            -    3.4      -      -          -
-     -          -          3.4      2.1       0.3 Technology Materials
0.3    9.5    1.5      -        1.2     1.5     -          -
14.0      8.1      10.5 Telecommunications     -    6.0    0.2      -
-     2.5     -          -          8.7      8.3       9.5 Services
Utilities            1.3    0.6     -       -          -       -     -
-          1.9      6.3       6.3 Net current            -      -     -
-          -       -     -       (2.4)        (2.4)     2.0         -
(liabilities)/ assets % Net assets         2.9   65.1    7.8    5.1
3.8    15.4   2.3       (2.4)       100.0       -          - 31.07.12 %
Net assets         9.3   53.2   10.3    4.5        3.9    14.6   2.2
2.0           -     100.0         - 31.01.12 MSCI 10-40           3.3
59.0   15.3    3.2          -    19.2     -          -           -
-      100.0 Emerging Europe 31.07.12 

The table above shows the analysis of the net assets as at 31 July
2012 by sector and region, compared with the net assets as at 31 January
2012 and the MSCI 10-40 Emerging Europe Index breakdown as at 31 July
2012.

Ten Largest Investments

LUKoil
 
 (Russia; Energy; 10.4% (8.1%); www.lukoil.com) is an
integrated energy company. Exploration and production are primarily
based in Russia with additional activities in central Asia, the Middle
East and Africa. LUKoil operates refineries and transports and sells
both crude and refined oil.

 Sberbank (Russia; Financials; 10.1% (8.2%); www.sbrf.ru) is
Russia's largest bank with over 20,000 branches, accounting for
over a quarter of the country's banking assets. Sberbank offers a
full range of retail and corporate banking services and has subsidiaries
in Ukraine and Kazakhstan. 

Gazprom
, sometimes transcribed as Gasprom[1]
 (Russia; Energy; 9.4% (8.4%); www.gazprom.com) is engaged in
the exploration and production of natural gas as well as the
transportation, storage and sale of gas both domestically and
internationally.

Uralkali (Russia; Materials; 5.3% (2.5%); www.uralkali.com) is a

fertilizer
 organic or inorganic material containing one or more of the nutrients—mainly nitrogen, phosphorus, and potassium, and other essential elements required for plant growth.
 producer and is ranked as the world’s No.1
potash
 see potassium carbonate.


potash

Name used for various inorganic compounds of potassium, chiefly the carbonate (K2CO3), a white crystalline material formerly obtained from wood ashes.
 producer by output.

Powszechny Zaklad Ubezpieczen (
Poland
 Pol. Polska, officially Republic of Poland, republic (2005 est. pop. 38,635,000), 120,725 sq mi (312,677 sq km), central Europe. It borders on Germany in the west, on the Baltic Sea and the Kaliningrad region of Russia in the north, on Lithuania,
; Financials; 4.8% (4.2%);
www.pzu.pl) dominates the
Polish

 insurance industry with a market share
of
approximately
  
adj.
1. Almost exact or correct:

2.
 one third.

 Turkiye Garanti Bankasi (Turkey; Financials; 4.3% (5.5%);
www.garanti.com.tr) is Turkey's second largest private bank with
operations in corporate, private, commercial, SME, retail and investment
banking. 

Novatek

 (Russia; Energy; 4.2% (5.1%); www.novatek.ru) is
Russia’s largest independent gas producer.

Mail.RU (Russia; Information Technology; 3.4% (1.7%); www.mail.ru)
is the largest internet company in the Russian-speaking world.

Surgutneftegas (Russia; Energy; 3.0% (4.2%); www.surgutneftegas.ru)
is a Russian oil and gas producer which accounts for almost 13% of the
country’s crude output and 25% of gas produced by domestic oil
companies.

 MTS (Russia; Telecommunications; 2.9% (2.8%); www.mtsgsm.com) is the
leading telecommunications group in Russia, Eastern Europe and Central
Asia, offering mobile and fixed voice, broadband, pay TV as well as
content and entertainment services in one of the world's fastest
growing regions.
All percentages reflect the value of the holding as a percentage of net
assets. Percentages in brackets represent the value of the holding as at
31 January 2012.
Investments as at 31 July 2012
                           Principal        Long       Short        Net
% of
                          country of    exposure    exposure   exposure
net
                           operation     US$'000     US$'000
US$'000    assets
Energy
LUKoil                        Russia      18,961          -      18,961
10.4 Gazprom                       Russia      17,132          -
17,132      9.4 Novatek                       Russia       7,534
-       7,534      4.2 Surgutneftegas                Russia       5,473
-       5,473      3.0 (preference shares) KazMunaiGas Exploration
Kazakhstan       4,700          -       4,700      2.6 Production
Transneft                     Russia       3,876          -       3,876
2.1 Pol Gornictwo Naft I          Poland       3,291          -
3,291      1.8 Gazownictwo Polski Koncen Naftowy         Poland
3,071          -       3,071      1.7 Orlen Dragon Oil
Turkmenistan       2,900          -       2,900      1.6 Volga Gas
Russia       1,837          -       1,837      1.0 JKX Oil & Gas
Ukraine       1,335          -       1,335      0.7 Mol
Hungary         969          -         969      0.5 OAO Rosneft
Russia         827          -         827      0.5 Long CFD position-3
Legs      Poland         366          -         366      0.2 Resources
                                          72,272          -      72,272
39.7
Financials
Sberbank                     Russia       18,451          -      18,451
10.1 Powszechny Zaklad            Poland        8,774          -
8,774      4.8 Ubezpieczen Turkiye Garanti Bankasi      Turkey
7,856          -       7,856      4.3 Turkiye Is Bankasi
Turkey        5,053          -       5,053      2.8 Turkiye Halk Bankasi
Turkey        4,846          -       4,846      2.7 OTP
Hungary        3,372          -       3,372      1.9 VTB
Russia        2,673          -       2,673      1.5 Komercni Banka
Czech        2,415          -       2,415      1.3
                           Republic Turkiye Sinai Kalkinma       Turkey
2,219          -       2,219      1.2 AFI Development
Russia          261          -         261      0.2 Short CFD positions
Poland           -      (4,281)    (4,281)     (2.4)
                                          55,920     (4,281)     51,639
28.4
Materials
Uralkali                     Russia       9,686      -          9,686
5.3 JSC MMC Norilsk              Russia       2,917      -
2,917        1.6 Severstal                    Russia       2,729      -
2,729        1.5 KGH Polska Miedz             Poland       2,704      -
2,704        1.5 Koza Gold                    Turkey       2,118      -
2,118        1.2
Eurasian Natural         Kazakhstan       2,111      -          2,111
1.2 Resources Highland Gold Mining        Russia        2,021      -
2,021        1.1 Koza Anadolu                Turkey          536      -
536        0.3 Long CFD position-New        Czech          555      -
555        0.3 World Resources           Republic
                                         25,377      -         25,377
14.0
Telecommunications
MTS                         Russia        5,299      -          5,299
2.9 Turkcell Iletism            Turkey        4,525      -
4,525        2.5 AFK Sistema                 Russia        3,147      -
3,147        1.7 Vimpelcom                   Russia        2,595      -
2,595        1.4
Telekomunikacja Polska      Poland          348      -            348
0.2
                                         15,914      -         15,914
8.7
Information Technology
Mail.RU                    Russia         6,235      -          6,235
3.4
                                          6,235                 6,235
3.4
Health Care
Gedeon Richter           Hungary          4,887      -          4,887
2.7 Pharmstandard             Russia          1,216      -
1,216        0.7
                                          6,103      -          6,103
3.4
Utilities
                                                                               

Ceske Energeticke Zavody Czech 2,426 – 2,426

 1.3
                         Republic RusHydro                  Russia
1,028      -          1,028        0.6
                                          3,454      -          3,454
1.9
Consumer Staples
BIM Birlesik Magazalar   Turkey          2,959       -          2,959
1.6 Magnit                   Russia            138       -
138        0.1
                                         3,097       -          3,097
1.7
Industrials
Mostorest                Russia          2,031       -          2,031
1.1 NCSP                     Russia          2,418       -
2,418        1.3 Short CFD position       Turkey              -  (2,194)
(2,194)      (1.2)
                                         4,449  (2,194)         2,255
1.2 Total investments-gross                192,821  (6,475)
186,346      102.4 exposure Add back gross exposure
(921)   6,475          5,554        3.1 on CFDs Equity investments held
191,900       -        191,900      105.5 at fair value Net current
liabilities                (9,955)                 (9,955)      (5.5)
Preference shares                         (19)                    (19)
- Net assets                            181,926                  181,926
100.0 Long positions                        192,821
106.0 Short positions                         6,475
3.6 Gross positions                       199,296
109.6
The total number of investments (excluding CFD positions) held at 31
July 2012 was 45 (31 January 2012: 48). All investments are in equity
shares unless otherwise stated. At 31 July 2012 the Company did not hold
any equity interests comprising more than 3% of any company's share
capital. 

During the period, the Company entered into CFDs to gain long and
short exposure on individual securities. At the period end 3 (31 January
2012: 6) short CFDs were outstanding with a net fair value profit of
US$38,000 (31 January 2012: loss of US$1,599,000); and an underlying
market value of US$6,475,000 (31 January 2012: US$13,545,000). In
addition, 2 long
CFD

 positions were held (31 January 2012: 2) with a net
fair value loss US$22,000 (31 January 2012: loss of US$1,173,000 and an
underlying market value of US$921,000 (31 January 2012:
US$2,518,000).

 Income Statement for the six months ended 31 July 2012 

Revenue US$’000 Capital US$’000 Total US$’000

                            Six months       Year          Six
months        Year         Six months         Year
                         ended      ended    ended      ended      ended
ended      ended      ended     ended
                     31.07.12   31.07.11 31.01.12   31.07.12   31.07.11
31.01.12   31.07.12  31. 07.11  31.01.12
             Notes (unaudited)(unaudited)(audited)(unaudited)(unaudited)

(audited)(unaudited)(unaudited) (audited)

 Losses on investments held at fair value through profit or loss
-          -        -    (13,270)    (3,794)  (63,754)   (13,270)
(3,794)  (63,754)
 Exchange (losses)/ gains                       -          -        -
(194)      (260)        3       (194)      (260)        3
Income from investments held at fair value through profit or loss
2       6,262      4,637    5,333          -          -         -
6,262      4,637     5,333
Returns on contracts for difference              (225)     (703)
(965)       467       (719)     3,540       242     (1,422)    2,575
Other income         2           -         8         7          -
-         -          -          8         7
Investment management and performance fees           3        (726)
(1,014)    (1,784)        -       1,441    

1,674 (726) 427 (110)

                                                                                                                         Other 

operating

expenses 4 (613) (576) (929) (68) (52) (168) (681) (628) (1,097)

                      --------  --------    -------   --------
--------  -------   --------   ---------  -------- Net return/ (loss)
before finance costs and taxation               4,698     2,352
1,662    (13,065)    (3,384) (58,705)    (8,367)    (1,032)  (57,043)
Finance                 (58)      (44)       (52)          -          -
-        (58)       (44)      (52) costs             ---------  --------
-------   --------   --------  --------    --------   -------- ---------
Net return/ (loss) on ordinary activities before taxation
4,640      2,308      1,610    (13,065)    (3,384) (58,705)    (8,425)
(1,076) (57,095)
Taxation              (875)      (690)      (691)          -          -
-       (875)      (690)    (691) charge             --------   --------
--------   ---------  --------- --------   --------   -------- --------
Net return/ (loss) on ordinary activities after taxation
3,765       1,618        919    (13,065)    (3,384) (58,705)    (9,300)
(1,766) (57,786)
                  ========    ========   ========    ========   ========
========   ========   ======== ========
Net return/ per ordinary share (cents) basic and diluted      6
8.19         3.37       1.87     (28.42)     (7.05) (119.62)    (20.23)
(3.68) (117.75)
                   ========   ========   ========    ========   ========

======== ======== ======== ========

 The total column of this statement represents the Profit and Loss
Account of the Company. The supplementary revenue and capital columns
are both prepared under guidance published by the Association of
Investment Companies ("AIC").The Company has no recognised
gains or losses other than those disclosed in the Income Statement and
the Reconciliation of Movements in Shareholders' Funds. All items
in the above statement derive from continuing operations. No operations
were acquired or discontinued during the period. 

Reconciliation of Movements in Shareholders’ Funds

for the six months ended 31 July 2012

                     Called-up         Share        Capital
                        share       premium     redemption      Capital
Revenue
                      capital       account        reserve     reserves
reserve       Total
                      US$'000       US$'000
US$'000      US$'000     US$'000     US$'000
for the six months ended 31 July 2012 (unaudited)
At 31 January 2012     5,409         41,259          4,519      177,190
(22,857)    205,520
Net (loss)/return          -              -              -      (13,065)
3,765      (9,300) for the period
Subscription shares       85              -              -         (338)
-        (253) issue costs
Tender offer               -              -              -      (14,131)
-     (14,131)
Cancellation of         (435)             -            435            -
-           - treasury shares
Conversion of              -             90              -            -
-          90
subscription shares  --------       --------      --------     --------
--------    -------- At 31 July 2012        5,059         41,349
4,954      149,656     (19,092)    181,926
                     ========       ========      ========     ========
=========   ========
for the six months ended 31 July 2011 (unaudited)
At 31 January 2011     5,401          3,849          3,714      293,786
(23,776)    282,974
Net (loss)/return          -              -              -       (3,384)
1,618     (1,766) for the period
Subscription shares      101              -              -         (405)
-       (304) issue costs
Tender offer               -              -              -
(39,818)         -    (39,818)
Repurchase of            (12)             -             12
(653)         -       (653) ordinary shares for cancellation
Repurchase and           (11)             -             11
(292)         -       (292) cancellation of subscription shares
Cancellation of         (320)             -            320
-         -           - treasury shares
Conversion of             711        37,381              -
-         -      38,092 subscription shares
                     --------      --------        --------
--------  

——– ——– At 31 July 2011 5,870 41,230 4,057 249,234
(22,158) 278,233

                      ========      ========        ========
========= =========   ========
for the year ended 31 January 2012 (audited)
At 31 January 2011      5,401         3,849          3,714
293,786   (23,776)    282,974
Net (loss)/return           -             -              -
(58,705)       919    (57,786) for the year
Repurchase and           (11)             -              11
(292)         -       (292) cancellation of subscription shares
Shares purchased        (781)             -             781
(56,554)         -    (56,554) and held in treasury
Repurchased of           (13)             -              13
(653)         -       (653) ordinary shares for cancellation
Subscription shares       101             -               -
(392)         -       (291) issue costs
Conversion of             712        37,410               -
-         -     38,122 subscription shares
                      --------      --------        --------
--------   --------  -------- At 31 January 2012      5,409
41,259           4,519        177,190 

(22,857) 205,520

                       ========      ========        ========
======== 

======== ========

 During the period the Company incurred purchase transaction costs of
US$219,000, (six months ended 31 July 2011: US$365,000, year ended 31
January 2012: US$841,000) and sales transaction costs of US$245,000 (six
months ended 31 July 2011: US$838,000; year ended 31 January 2012:
US$754,000). All transaction costs have been included within the capital
reserves.
Balance Sheet as at 31 July 2012
                                       31 July        31 July      31
January
                                          2012           2011
2012
                                    (unaudited)    (unaudited)
(audited)
                                Notes  US$'000        US$'000
US$'000
Fixed assets
Investments held at fair value         191,900        284,899
212,395
through profit or loss              ----------     ----------
----------
Current assets
Debtors                                8,180          8,222
3,266 Amounts due in respect of                 90             52
42 contracts for difference Cash                                     337
669          3,001
                                    ---------     ---------
---------
                                       8,607          8,943
6,309
                                    ---------     ---------
---------
Creditors: amounts falling due       (18,488)       (14,886)
(10,351)
within one year Amounts due in respect of                (74)
(704)        (2,814) contracts for difference            -----------
---------      ----------
                                       (18,562)       (15,590)
(13,165)
                                    -----------    ----------
---------- Net current liabilities                (9,955)        (6,647)
(6,856)
                                    -----------    ----------
---------
Total assets less current              181,945        278,252
205,539 liabilities                                                                                                             Creditors:
amounts falling due after more than one year Preference shares of
[pounds sterling]1.00 each           (19)           (19)           (19)
(one quarter paid)                    ---------     ---------
--------- Net assets                             181,926        278,233
205,520
                                      =========     =========
=========
Capital and reserves Called-up share capital         5        5,059
5,870          5,409 Share premium account                   41,349
41,230         41,259 Capital redemption reserve               4,954
4,057          4,519 Capital reserves                       149,656
249,234        177,190 Revenue reserve                        (19,092)
(22,158)       (22,857)
                                       ---------      ---------
--------- Total equity shareholders'             181,926
278,233        205,520 funds                                  =========
=========     =========
Net asset value per share       6       425.73         553.97
445.03 (cents) - basic and diluted            =========      =========
=========
Cash Flow Statement for the six months ended 31 July 2012
                                       Six months     Six months
Year
                                            ended          ended
ended
                                          31 July        31 July
31 January
                                             2012           2011
2012
                                       (unaudited)    (unaudited)
(audited)
                                          US$'000
US$'000          US$'000
Net cash inflow/(outflow) from              1,906            764  (195)
operating activities Servicing of finance
Overdraft interest                           (58)            (45)
(52) CFD financing interest                      (123)           (104)
(276) Taxation paid                               (868)           (698)
(796)
Capital expenditure and financial
investment Purchase of investments                 (120,639)
(185,819)        (318,341) Proceeds from sale of investments
121,355         186,770          335,295
                                       -----------    -----------
----------- Net cash inflow from capital                 716
951           16,954
expenditure and financial investment
                                       -----------    ------------   

———–

Net cash inflow before financing           1,573             868
15,635
                                        -----------    -----------
-----------
Financing
Repurchase of shares into treasury       (14,153)       (20,381)
(37,148) Proceeds from conversion of                   90
38,092           38,122 subscription shares
Subscription share issue costs paid            -               -
(283) Repurchase of subscription shares for          -           (292)
(292) cancellation
                                       ---------       ---------
--------
Net cash (outflow)/inflow from           (14,063)        17,419
399 financing                              ---------       ---------

——–

(Decrease)/increase in cash in the (12,490) 18,287 16,034 period

                                 =========       =========        

========

 Reconciliation of Net Return before Finance Costs and Taxation to Net
Cash Flow from Operating Activities
                                    Six months       Six months
Year
                                         ended            ended
ended
                                       31 July          31 July       31
January
                                          2012             2011
2012
                                    (unaudited)      (unaudited)
(audited)
                                       US$'000
US$'000          US$'000
Net loss before finance costs and      (8,367)           (1,032)
(57,043) taxation Add: capital loss before finance       13,065
3,384           58,705 costs and taxation                  -----------
-----------       

———–

Net revenue return before finance       4,698             2,352
1,662 costs and taxation Expenses (charged)/credited to            (68)
1,389            1,506 capital Contracts for difference financing
123               104  276 payable Increase in accrued income
(3,136)           (1,637)             (62) Decrease in debtors
20                80               60 Increase/(decrease) in creditors
269            (1,524)          

(3,637)

                                     -----------     -----------       

———–

Net cash inflow/(outflow) from          1,906               764
(195) operating activities                ===========     ===========

===========

Notes to the Half Yearly Financial Report

for the six months ended 31 July 2012

1. Principal activity and basis of preparation

 The Company conducts its business so as to qualify as an investment
trust company within the meaning of sub- sections 1158-1165 of the
Corporation Tax Act 2010. The half yearly financial statements have been
prepared on the basis of the accounting policies set out in the
Company's financial statements at 31 January 2012.
Under FRS26 "Financial instruments: Recognition and
Measurements" the Company has designated its assets and liabilities
as being measured at "fair value through profit or loss". The
fair value of fixed asset investments is deemed to be bid market value
at the close of business on the balance sheet date. The taxation charge
has been calculated by applying an estimate of the annual effective tax
rate to any profit for the period.
The Company's financial statements have been prepared in accordance
with UK Generally Accepted Accounting Practice ("UK GAAP") and
with the Statement of Recommended Practice "Financial Statement of
Investment Companies" ("SORP") revised in January 2009.
2. Income
                                    Six months       Six months
Year
                                         ended            ended
ended
                                       31 July          31 July       31
January
                                          2012             2011
2012
                                    (unaudited)      (unaudited)
(audited)
                                       US$'000
US$'000          US$'000
UK dividends                                38               69
128 Overseas dividends                       6,224            4,568
5,205
                                    -----------      -----------
-----------
                                         6,262            4,637
5,333
                                    -----------      -----------
-----------
Interest receivable and other
income:
Deposit and cash fund interest              -                 8
    7
                                    -----------      -----------
----------- Total                                    6,262
4,645             5,340
                                    ===========      ===========
=========== 

3. Investment management and performance fees

                     Six months ended                          Six
months ended                  Year ended
                        31 July 2012                              31
July 2011             31 January 2012
                         (unaudited)
(unaudited)                   audited)
                  Revenue    Capital    Total      Revenue    Capital
Total      Revenue    Capital    Total
                  US$'000    US$'000    US$'000
US$'000    US$'000    US$'000    US$'000
US$'000    US$'000
Investment            726          -        726      1,014          -
1,014      1,784          -      1,784 management fees Performance fees
-          -          -          -     (1,441)    (1,441)         -
(1,674)    (1,674)
                  -------    -------    -------    -------    -------
-------    -------    -------    ------- Total                 726
-        726      1,014     (1,441)      (427)     1,784     (1,674)
110
                  =======    =======    =======    =======    =======
=======    =======    =======    =======
BlackRock receives an annual management fee of 0.8% of the
Company's market capitalisation plus a performance fee equal to
10.0% of the geometric outperformance of the net asset value
("NAV") per share annualised on a three year rolling basis (on
a US Dollar total return basis) over the MSCI 10-40 Emerging Europe
Index (on a US Dollar total return basis) subject to a high watermark
relative to the benchmark. The amount of performance fee payable in any
one year will be capped at 0.95%. Any performance fee will be subject to
writeback in case of subsequent underperformance. Any charges in respect
of BlackRock managed funds are deducted from the investment management
fee. 

Performance fees are wholly allocated to the capital column in the
Income Statement as the performance has been
predominantly
  
adj.
1. Having greatest ascendancy, importance, influence, authority, or force. See Synonyms at dominant.

2.
 generated
through capital returns from the investment portfolio. As at 31 July
2012, there was no performance fee due to the Investment Manager (31
July 2011: writeback of US$1,441,000; 31 January 2012: writeback of
US$1,674,000).

 4. Other operating expenses
                                        Six months     Six months
Year
                                            ended          ended
ended
                                          31 July        31 July     31
January
                                             2012           2011
2012
                                      (unaudited)    (unaudited)
(audited)
                                          US$'000
US$'000        US$'000
Custody fee                                   197             81
215 Directors' fees                               134
110            212 Other administration costs                    282
385            502
                                        ---------       ---------
---------
                                              613            576
929
                                        =========       =========
=========
5. Called-up share capital
                                                          Number of
Number of
                        Number of        Number of             2011
2012
                         ordinary         treasury     subscription
subscription         Nominal
                        shares in           shares           shares
shares           value
                            issue         in issue         in issue
in issue         US$'000
Allotted, called up and fully paid share capital comprised:
Ordinary shares of 10 cents each and subscription shares of 1 cent each
At 31 January 2012     46,180,713       6,900,000        10,040,005
-           5,409
Shares repurchased and (3,464,053)      3,464,053                 -
      -               - held in treasury in respect of shares tendered
on 25 July 2012 Treasury shares                 -      (4,364,053)
-               -            (435) cancelled Exercise of
16,159               -           (16,159)              -               -
subscription shares at 357p per share Issue of 2012                   -
-                 -       8,546,454              85 subscription shares
                        ----------       ----------       ----------

———- ———- At 31 July 2012 42,732,819 6,000,000
10,023,846 8,546,454

           5,059
                         ==========       ==========       ==========

========== ==========

 On 25 July 2012, 3,464,053 ordinary shares were repurchased via the
periodic tender offer and held in treasury for a total consideration of
US$14,131,000. On 23 July 2012, 4,364,053 shares held in treasury were
cancelled. The Company also issued 16,159 ordinary shares following the
exercise of subscription shares for a total consideration of US$90,000.
The subscription rights in respect of the remaining 10,023,846 2011
subscription shares lapsed on 16 July 2012.
On 27 July 2012, the Company issued 8,546,454 new 2012 subscription
shares to shareholders by way of a third bonus issue which confer the
right to subscribe for all or part of the ordinary shares to which the
subscription shares relate at a pre-determined price 273p per share. At
31 July 2012, the Company had 42,732,819 ordinary shares, 10,023,846
2011 subscription shares and 8,546,454 2012 subscription shares in
issue. 

6. Returns and net asset value per ordinary share

                                        31 July          31 July      31
January
                                          2012             2011
2012
                                    (unaudited)      (unaudited)
(audited)
Net revenue return attributable to       3,765            1,618
919 ordinary shareholders (US$'000)
Net capital loss attributable to       (13,065)          (3,384)
(58,705) ordinary shareholders (US$'000)     ----------
----------       ---------- Net total loss attributable to
(9,300)          (1,766)       (57,786) ordinary shareholders
(US$'000)     ==========      ==========      ========== Equity
shareholders' funds             181,926          278,233
205,520 (US$'000)                           ----------
----------      ----------
                                                                                      

The weighted average number of 45,975,131 48,043,821 49,073,405
ordinary shares in issue during the

period on which the return per ordinary share was calculated was:
                                     -----------      -----------
----------- The actual number of ordinary       42,732,819
50,225,001     46,180,713 shares in issue at the end of each
-----------      -----------      ----------- period on which the net
asset value
was calculated was:
Number of 2012 subscription shares   8,546,454        10,044,906
10,040,005 in issue at the end of the period   -----------
----------       ----------- was:
                                                                                                                        Basic and diluted:*
Revenue return per share - (cents)        8.19             3.37
1.87 

Capital return per share – (cents) (28.42) (7.05) (119.62)

                                     -----------      -----------      

———–

 Total return per share - (cents)        (20.23)          (3.68)
(117.75)
                                     -----------      -----------
-----------
                                                                                      

Net asset value per share basic – 425.73 553.97 445.03 (cents)

 Net asset value per share diluted       425.73          553.97
445.03 for subscription shares** - (cents) -----------      -----------
-----------
 Share price***                          376.03          492.45
403.57
2011 subscription share price***             -           14.17
1.18 2012 subscription share price***         10.18               -
-
                                    ===========      ===========      

===========

* There is no dilution in respect of the subscription shares as
the average share price of the ordinary shares in the period since the
subscription shares have been in issue is below the exercise price of
273p per share (31 July 2011: 357p and 31 January 2012: 357p per share).

** There is no
dilution

 in respect of the 2012 subscription shares
as the exercise price of 273p is above the basic NAV of 271.72p.

*** The Company’s ordinary and subscription share prices are
quoted in sterling and the above represents the US Dollar
equivalent.

7. Interim dividend

The Board has not
declared
  
v. de·clared, de·clar·ing, de·clares

v.tr.
1. To make known formally or officially. See Synonyms at announce.

2. To state emphatically or authoritatively; affirm.

3.
 an interim dividend.

8. Publication of non statutory accounts

 The financial information contained in this half yearly financial
report does not constitute statutory accounts as defined in section 435
of the Companies Act 2006. The financial information for the six months
ended 31 July 2012 and 31 July 2011 has not been audited.
The information for the year ended 31 January 2012 has been extracted
from the latest published audited financial statements, which have been
filed with the Registrar of Companies. The report of the auditor on
those accounts contained no qualification or statement under sections
498(2) or (3) of the Companies Act 2006.
9. Related party disclosure 

The related party transaction with BlackRock Investment Management
(UK) Limited is set out in note 3.

 The investment management fees for the six months ended 31 July 2012
amounted to US$726,000 (six months ended 31 July 2011: US$1,014,000 and
the year ended 31 January 2012: US$1,784,000). 

No performance fee has been earned in the period (six months ended
31 July 2011: credit of US$1,441,000; year ended 31 January 2012: credit
of US$1,674,000).

At the period end, an amount of US$632,000 was outstanding in
respect of investment management and performance fees (six months ended
31 July 2011: US$2,303,000; year ended 31 January 2012: US$673,000).

 The Board consists of seven non-executive Directors, all of whom are
considered to be independent by the Board. None of the Directors has a
service contract with the Company. The Chairman receives an annual fee
of [pounds sterling]37,000, the Chairman of the Audit Committee receives
an annual fee of [pounds sterling]27,000 and each of the other Directors
receives an annual fee of [pounds sterling]23,500. 

At the period end members of the Board held ordinary and
subscription shares in the Company as set out below:

                                                               2011
2012
                                          Ordinary    subscription
subscription
                                            shares          shares
shares
Rachel Beagles*                             10,096              -
2,019 Mark Bridgeman*                                  -              -
- Philippe Delpal                                  -              -
- Neil England                               162,000         32,400
32,400 Rory Landman                                12,000          2,400
2,400 Robert Sheppard                             10,000              -
2,000 Edmond Warner                               12,000          2,400
2,400
* Appointed 1 March 2012.
10. Annual results
The Board expects to announce the annual results for the year ending 31
January 2013, in April 2013. Copies of the annual results announcement
can be obtained from the Company Secretary on 020 7743 3000. The annual
report should be available by early April 2013, with the Annual General
Meeting being held in June 2013.
11. Contingent liabilities 

There were no
contingent

 liabilities at 31 July 2012, 31 July 2011
and 31 January 2012.

For further information, please contact:

Jonathan
  [short for Jehonathan, Heb.,=Yahweh has given].

1 In the Bible, Saul’s son and David’s friend, both killed at the battle of Mt. Gilboa. David showed kindness to his son Mephibosheth.
 
Ruck
  
n.
1.
a. A multitude; a throng.

b. The undistinguished crowd or ordinary run of persons or things.

2. People who are followers, not leaders.

3. Sports
a.
 Keene, Chairman, Specialist Funds Group, BlackRock
Investment Management (UK) Limited

Tel: 020 7743 2178

Sam Vecht, Fund Manager, BlackRock Investment Management (UK)
Limited

Tel: 020 7743 2531

Emma
Phillips
  

A trademark used for a screw with a head having two intersecting perpendicular slots and for a screwdriver with a tip shaped to fit into these slots.
, Media & Communication, BlackRock Investment
Management (UK) Limited

Tel: 020 7743 2922

Henrietta
Guthrie
   , Woodrow Wilson Known as “Woody.” 1912-1967.

American folk singer and composer of numerous songs about hardship and social injustice, including “This Land Is Your Land” (1940).

Noun 1.
, Lansons – Tel: 020 7294 3612

END

The Half Yearly Financial Report will also be available on the
BlackRock Investment Management website at www.blackrock.co.uk/est.
Neither the contents of the Manager’s website nor the contents of
any website accessible from hyperlinks on the Manager’s website (or
any other website) is incorporated into, or forms part of, this
announcement